Country Report Armenia November 1998 Main report

Economy: Russian crisis causes trade to slow

Russia accounts for 25% of Armenia's trade (the CIS countries account for 37%), and consequently the Russian crisis has caused trade to slow. Preliminary estimates from the state statistics department indicate that trade turnover in the third quarter of 1998 fell sharply by 31% from the previous quarter to Dram 94bn ($188m). Exports fell by 25% in value terms to Dram24bn, while imports, helped in part by lower import prices of commodities such as fuel, fell by 33% to Dram70bn. However, lower overall trade has also caused a sharp narrowing of the trade deficit. In the third quarter of 1998 year-on-year exports fell by 22% and imports by 34%. The trade deficit consequently fell by 38% to Dram46bn. The trade deficit for the first three quarters of this year fell by 20% on the same period in 1997.

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